JoshFX1
Short

USDJPY At Key Resistance

FX:USDJPY   U.S. Dollar / Japanese Yen
On the daily time frame USDJPY is at a key resistance again. A rejection can lead to a down move to 111.50 and possible 109. Since the price is at a rejection we rather sell it and aim at a rejection while using a stop loss around 114.75. If the daily time frame closes above this level then the resistance is broken and we switch to a buy and aim at 118 over the next couple of weeks.

If you want to play it safe then wait for either 114.75 to break and buy it or for 113.88 to break which is at the lower range.
Nov 07
Trade active
Nov 07
Comment: moved stop to entry
Nov 09
Trade closed: target reached: 80 pips profit
What is the prediction now?
Reply
And what do u think about time? How much we need wsit for this first target 111,5?
+1 Reply
@davut91, it seems it's been draggin it's feet to get this high so it may do the same on the way down too. it might take a week but i am just guessing. i hope it's sooner though.
+1 Reply
JoshFX1 RafaelBlanco
@RafaelBlanco, mostly around 2-3 weeks if its a straight trend without sideways moving for longer than 2 days. A lot will also depend on Yellen who speaks in a hour.
+1 Reply
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